Unused Funds Fee

LeasePak menu: Oveview document, not a LeasePak menu item

Corresponding End of Period process: Unused Funds Fees Assessment
Related to : Client Billing [U0135]

The Unused Funds Fee module enables assessing unused fund fees to commercial loan customers. The fee applies when a lessee fails to use their entire credit line by a specified date.

This module works in conjunction with the the Client Billing [U0135] module and will not work without it.

Setting up Unused Funds Fee

The unused funds assessment is a client-based assessment and therefore requires the Client Billing [U0135] module to be running on LeasePak. The assessments are ca

Lessee [U0203]

The lessee to assess for unused funds needs to have the following settings in the Lessee [U0203] update:

The Default Portfolio, Company, Region and Office accounting units on the Misc tab.
The Payment Due Date on the Billing tab.

Custom General [U0712] - Miscellaneous Customizations

Select the IBL Invoice Detail (Y/N) check box to have LeasePak keep track of IBL interest details. For more details see IBL Invoice Detail.

Application Portfolio [U0822]

Select the Track Drawdown check box.

Application Tracking [U08]

For Master applications, select the Drawdown Revolving Credit check box. Drawdown Revolving Credit is a special function of the application drawdown module. Unlike normal drawdown, drawdown revolving credit restores money to the drawdown balance of the master application as leases and interest bearing loans booked against the balance are paid off or terminated.
For Master applications, set the Unuse Funds settings on the application Code/Fees tab.

Portfolio [U0212] - Assessment Customizations

With the Client Billing module running, a new screen adds to the Assessment Customizations update that allows users to customize the display names for the client-based assessments. From one of the three given assessments, allocate one for unused funds fees and set its Custom Name to something relevant, like "Unused Funds Assessment".
From Portfolio [U0212] - End of Period Customizations dialog box, select the Unused Funds Fees Assessment check box.

End of Period Process

The Unused Funds Fee module will have its own End of Period process, Unused Funds Fees Assessment, that will be responsible for:

Calculating unused funds fees
Assessing unused funds fee
Producing audit and exception report

This process will run for all lessees in the selected portfolio. The default portfolio set for a lessee determines if the lessee belongs to the selected portfolio.

Exception and Audit Reports

The EOP process for this module produces two reports:

Exception [U0488A]
Audit [U0488B]

Exception [U0488A]

The exception report shows the error messages for master lines that failed to process.

Audit [U0488B]

The audit report will present a break down of lessee unused funds by master line. Each master line will have information about credit balance, fee rate, and result of calculation – unused funds fee.

The information contained in this document is the property of NetSol Technologies Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. NetSol Technologies Inc. assumes no liability for any inaccuracy that may appear in this document; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of NetSol Technologies Inc. is prohibited.

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